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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 9,412,539 $ 8,446,158
Unbilled revenue   171,254
Research and development incentives receivable, current   23,894
Deferred issuance cost 5,861  
Prepaid expenses and other current assets 244,472 866,014
Total current assets 9,662,872 9,507,320
Security deposit 22,777 22,777
Office furniture and equipment, net 8,751 11,927
Right-of-use lease assets 170,679 229,834
Research and development incentives receivable, net of current portion   25,468
Total assets 9,865,079 9,797,326
Current liabilities:    
Accounts payable 1,698,225 1,111,226
Accrued expenses 1,701,806 2,418,002
Accrued compensation 80,244 251,115
Lease liabilities, current 128,592 121,765
Convertible debt 2,745,745 2,250,000
Total current liabilities 6,354,612 6,152,108
Non-current liabilities:    
Convertible debt   1,010,934
Lease liabilities, net of current portion 45,691 111,862
Total liabilities 6,400,303 7,274,904
Commitments and contingencies (Note 6)
Shareholders' equity:    
Preferred stock, 350,000 shares authorized; none issued or outstanding at June 30, 2024 and December 31, 2023, respectively 0 0
Common stock, $.001 par value; 75,000,000 shares authorized; 1,542,480 and 648,761 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively [1] 1,542 649
Additional paid-in capital (1) [1] 232,699,640 228,203,706
Accumulated other comprehensive income 27,599 22,243
Accumulated deficit (229,264,005) (225,704,176)
Total shareholders' equity 3,464,776 2,522,422
Total liabilities and shareholders' equity $ 9,865,079 $ 9,797,326
[1] Adjusted to reflect the reverse stock split of one-for-sixteen effective June 5, 2024